Gulshan Polyols Shares Rise 5% After Winning ₹1,304.90 Crore Ethanol Supply Order

Key numbers

Order / Market Cap	125.5%Significant Contract
Market Cap	₹1,039.7 CrSmallcap
PE TTM	7.05xIndustry 34.18x
1-Year Return	9.27%Price Performance
Order from	BPCL, IOCL, MRPL (Oil Marketing Companies)
Execution period	ESY 2026-27
Deal value	₹1,304.9 Cr
Share of market cap	125.5%
Share of annual revenue	55.3%

Key highlights

• Aggregate order value of ₹1,304.90 crore for the supply of 1,96,886 KL of ethanol
• Contract awarded by Oil Marketing Companies including BPCL, HPCL, IOCL, and MRPL
• Additional revenue of over ₹300 crore expected from the sale of manufacturing by-products
• Allocation spans three units: Muzaffarnagar (Indus 1), Assam, and Madhya Pradesh (Indus 2)
• Maize serves as the primary feedstock for the order, accounting for 1,27,386 KL

A ₹1,304 Crore Ethanol Mandate Surpassing Market Capitalization

Gulshan Polyols has been awarded a massive ethanol supply contract valued at ₹1,304.90 crore for the Ethanol Supply Year 2026-27. This allocation of 1,96,886 Kiloliters is particularly significant as the order value exceeds the company's current market capitalization of ₹1,039.66 crore. The supply mandate, issued by major Oil Marketing Companies including BPCL, HPCL, IOCL, and MRPL, will be fulfilled using three primary feedstocks: Damaged Food Grains, Surplus Food Grains, and Maize.

Maize represents the largest portion of the allocation, accounting for 1,27,386 KL of the total volume, followed by Surplus Food Grains at 46,401 KL.

Breakdown of the Multi-Plant Allocation and Feedstock Mix

• Total volume of 1,96,886 KL allocated for the Ethanol Supply Year 2026-27
• Allocation includes 23,099 KL of DFG, 46,401 KL of SFG, and 1,27,386 KL of Maize-based ethanol
• Supplies will originate from Indus 1 (6,891 KL), Assam (75,073 KL), and Indus 2 (1,14,922 KL)
• Contract awarded through E-Tender No. 26985 under CRFQ NO. 1000466894(C-1)
• Aggregate value of ₹1,304.90 crore is exclusive of freight and applicable taxes
• The Company expects total revenue from the allocation and by-products to exceed ₹1,600 crore

Sustained Order Velocity and Revenue Diversification

This latest win follows a consistent trend of large-scale allocations for Gulshan Polyols in the bio-fuel segment. In October 2025, the company received a similar allocation of 1,75,652 KL worth ₹1,184.87 crore for the 2025-26 cycle. The current award demonstrates an increase in both volume and value for the 2026-27 period.

Beyond the primary ethanol revenue, the manufacturing process is expected to generate by-products worth more than ₹300 crore. This diversification comes as the company reported a net profit growth of 306.14% year-on-year for the quarter ended June 2026, with an operating profit margin of 13.27%.

Anticipated Revenue Milestone

Accordingly, the Company anticipates aggregate revenue of more than Rs. 1,600 crores from the aforesaid allocation and the associated manufacturing activities.

What to watch next

• Board meeting to approve Q2 and H1 financial results, November 12, 2026
• Earnings conference call for financial performance review, November 13, 2026
• Commissioning of onsite PCC facility at Trident Limited's Punjab plant, by March 31, 2027

Gulshan Polyols · financial snapshot

Share price	₹166.69
Market capitalisation	₹1,039.66 Cr
Revenue (annual)	₹2,312.42 Cr
Net profit (annual)	₹107.15 Cr
Revenue (latest quarter)	₹639.87 Cr+16.17% vs previous quarter
Net profit (latest quarter)	₹53.51 Cr+42.53% vs previous quarter
P/E (TTM)	7.05×Sector 35.52×
Promoter holding	66.8%0.00% QoQ
FII holding	0.26%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.